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Dutch Tax Amnesty Scheme Yields EUR157m,
by Ulrika Lomas, Tax-News.com, Brussels
Monday, February 16, 2009
The Dutch Tax and Customs Administration announced on February 12 that its
tax amnesty has so far yielded EUR157m, noting that early 2009 had seen a particular
increase in individuals coming forward, amounting to two a day.
A statement from the Dutch Ministry of Finance noted that since 2001 more
than 5,000 individuals had voluntarily reported their savings accounts and assets
abroad, stating that many of the assets were located in Switzerland, Luxembourg
or Liechtenstein. In 2008, the tax authority received EUR22m of interest and
additional tax assessments from more than 500 tax payers.
In January of this year, 2 people a day reported to the Tax and Customs Administration.
In 60% of the cases, they had their assets in bank accounts in Switzerland or
Luxemburg, stated the release.
The ‘voluntary own-up scheme’ (Inkeerrengeling) is offered within
Dutch income tax assessments, whereby individuals are offered the opportunity
to declare that they have withheld tax payments on their offshore assets. If taxpayers with assets abroad
voluntarily report to the Tax and Customs Administration, using the voluntary
own-up scheme and pay their outstanding tax bill, they can avoid a fine, and in
principle, criminal prosecution, informed the statement.
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